Bermuda Dollar
The Bermudan dollar is the currency used in Bermuda. Similar to other dollar systems, it is divided further into 100 cents. It is recognised by the letters BD to differentiate it from the US dollar.
The dollar is issued by the Bermuda Monetary Authority and it is circulated in the form of coins and notes. Coins are issued in the forms of 1, 5, 10, 25 cents and a $1 coin. There is also a 50-cent coin, but this is not in general use, although it is official currency.
Notes are issued in denominations of $2, 5, 10, 20, 50 and 100.
Interestingly, the Bermudan dollar is not traded outside of Bermuda i.e. it is not traded on international currency markets. It is on a par with the US dollar and so takes its value from the US dollar.
History of the Dollar
The Bermudan dollar is a fairly new currency, having only been introduced as recently as 1970. Before this the Bermudan pound was in use, since Bermuda was part of the British Empire (a British colony in other words).
Bermuda is now an overseas territory of the UK, but it has self-governance, which means effectively that it can rule itself, but the Queen of Britain is still the figurehead in terms of power.
This self-governance was granted in 1967 and the Bermudan dollar was introduced three years later, in 1970, to symbolise this new status. However, instead of being pegged to the British pound, it was pegged to the US dollar as 'par' (meaning of equal value).
Getting hold of Bermudan Dollars
Although Bermuda is often referred to as a single island, it is in effect a collection of around 138 islands, although some, but not all are frequented by travellers.
There are lots of ATM machines on Bermuda. Most of these will accept foreign cards, so you do not usually have to worry about being able to access cash. Most of the ATM machines have 24 access, which means that you will never be stuck for cash.
Given that banks and credit card companies are becoming more aware of fraudulent use of cards, if you do plan to use your card in an ATM machine, then you should tell your bank or credit card company before you travel. Whilst this is important for any trip abroad, or out of Europe, it is particularly important in Bermuda. Bermuda has been named and shamed as one of the countries, which does little or nothing (perhaps even just turning a blind eye) to money laundering. As such, any sudden use of your card in Bermuda may ring alarm bells and create significant problems, so be prepared and alert your card provider prior to travel.
In Bermuda you will also find that US dollars are readily accepted and since you can use either US dollars or Bermudan dollars to pay for items, it is worth taking a stock of US dollars with you. Also be aware that due to the fact that Bermudan dollars are not traded externally, you should either only take out as much money as you need (or want) to spend when in the country, or you should change it into US dollars before you leave. Otherwise it can be hard to exchange them.
If you want to take travellers cheques then make sure that they are in US dollars, so that you can know how much money you will get.
Staying Safe in Bermuda
Bermuda does to some extent suffer from a slight image problem in terms of crime. It has for a long time, been the playground of the very wealthy and rich Americans have long enjoyed coming to Bermuda to flash their cash. This has resulted in two things: Bermuda often being expensive and some locals (albeit a tiny minority) feeling a little resentful of the rich and wealthy. This has led to some crime, but no more so than in any other Caribbean islands and indeed slightly less than some.
So the general rules apply, take care not to carry too much cash with you and don't be too profligate with cash: if you flash it around too much, someone may desire to rid you of it, just to stop you showing off!
Don't stray too far from the main tourist areas and if you are alone, try to stick to tourist routes.
Also be careful that your wallet or purse cannot be pick pocketed. Violent crime is luckily quite rare, but there are instances of people simply finding that their wallet or purse has been snatched and then the person disappears into the crowd, never to be seen again.
Mopeds and scooters are often routinely hired by visitors to Bermuda. But if you are hiring one do NOT leave it unattended. It is amazing how many are simply left unlocked and of these a surprising number can get stolen. This is then a real headache and will spoil your holiday as you have to complete all the paperwork to do with the theft and then find out if your insurance company will cover the loss (it is likely that they will not, if you left it unattended and unlocked) and then you have to sort out repayment to the company you hired the scooter or moped from. It takes a minute to lock the scooter or moped up, but could literally save your holiday from ruin, so be careful and take that minute to secure the rented property: after all you are only hiring it, it doesn't belong to you.
A cautionary note on hiring mopeds or scooters would be to check that any accident you may have will be 'covered' by your insurance policy. Medical care is actually very, very expensive in Bermuda and there is only one hospital which means that if something very serious happens you may need to be airlifted to another destination (possibly the US) or specialist hospital. These kind of medical fees, combined with the cost of being airlifted to the US can be worse than crippling, so check out the small print of your policy or buy some insurance on the islands, but whatever you do, don't just think that nothing will happen to you: it can happen to anyone at any time.
Using Bermudan Dollars
Bermuda is not the cheapest Caribbean island to visit. Strictly speaking it is not even a Caribbean island because it lies a staggering 940 miles to the north of the Bahamas. However, because it is so Caribbean in its outlook, it is often included as being 'Caribbean'. Almost everything has to be imported onto the island, so there are freight costs on almost everything, which can really push up the prices.
In addition, the fact that it has been the playground for rich Americans for many, many years, combined with the fact that it is a major financial centre, means that Bermuda has many rich people living there or visiting there. Cruise ships also stop off in Bermuda. These particular circumstances mean that there has long since been no incentive to keep prices down for travellers, since most people would be able to pay slightly higher prices than in the US. So, although Bermuda may be a paradise, it is certainly not a cheap paradise!
If you are visiting on a budget, there are some more basic hotels available, which are not too expensive and to a large extent are 'no frills', but on the other hand they do not have the same kind of luxury facilities that you would find in the more expensive hotels.
Bermuda has not of late, attracted many of the rich and famous to its shores, in the sense that it is not a celebrity 'hang out' and indeed there is a feeling at times that Bermuda is a little bit unfashionable now, almost as if it has had its day. However, the other way of looking at this is in a positive light. Because it is not somewhere that the stars hang out and because some of the bright young things regard it as a little old fashioned, it is not absolutely swamped by tourists. Yes there are a few, but not too many that you always feel like it is just one big tourist resort. There are still pockets of Bermuda which simply feel 'natural' and the beaches are still awesomely beautiful and very clean as well.
There are also some surprising sites to be seen in Bermuda. For a start why not take in the Crystal Caves, which are estimated to be some 30 million years old: now that really is old! The former capital of Bermuda
St George is now designated as a World Heritage Site and there are also maritime museums, botanical gardens and the amazing Bermuda Underwater Exploration Institute. Shopping facilities are also very good, given that the main island is a mere 21 miles long!
Despite its size, Bermuda also has around 150 restaurants, with all price ranges covered, from pretty basic fare, to the most elaborate fine dining.
At night, Bermuda is not teeming with nightclubs, although it does have a couple and in Hamilton, the nightlife tends to be more lively than in other parts of the island.
Overview
Bermuda is relatively isolated in terms of other neighbours and yet it is only about 2 hours flight time away from New York, which means that it is readily accessible for most of Eastern America. Yet despite the fact that it has been a tourist destination for so many years, Bermuda is not as jaded as you may imagine it would be. It seems to still retain the ability to welcome guests and make them comfortable and help them to enjoy their stay.
It may not have the nightlife of some traditional tourist hotspots, but it does have some amazing scenery, simply stunning beaches as well as a real sense of Bermudan charm. It is a beautiful place to visit and whilst it is not the cheapest destination you will find, given flights and the cost of everything on Bermuda: it really is worth the money and if you shop around carefully, there are bargains to be had, it just feels as if sometimes you have to look quite closely to find them!
I never realised how many different dollars there were in the world until I read this article!
Bermuda would be one of my most desirable places to go in the world. Not sure what the exchange rate is with the pound at the moment, but it is quite an expensive holiday to take anyway. I think the Caribbean is an expensive place to visit for anyone travelling from the UK.
Judging from what has been written here though, it seems to be a nice place to visit with a lot to do. Is it the best of all the Caribbean islands though?
— Jamie K · May 19, 01:44 PM · #